25.7 C
Port Moresby
October 28, 2021

Government to speak on Petromin

The Government confirmed this afternoon that Petromin will be dismantled andthe state interests in Mining and Petromin projects will be transferred to a new entity.

A spokesman fromthe prime Minister’s office said Peter O’Neill will hold a News Conference tomorrow to announce details of a restructure.

He saidthe restructure is in line with current global practice, to ensure maximum benefits flow to shareholders and the people oPNG.

A spokesman saidthe restructure involvesthe dismantling of Petromin.

Since its inception, Petromin bought into Tolukuma mine which has become a financial burden for the company.


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